Four of the biggest tech stocks are weakening today after several of them reported decent earnings. And they're weighing on the rest of the market. Chart 1 shows Amazon.com (AMZN) falling to the lowest level in a month. Chart 2 shows Apple (AAPL) doing the same. Chart 3 shows Microsoft (MSFT) also moving closer to its September low. Chart 4 shows Facebook (FB) falling below its 50-day average and starting to weaken as well. The only bright spot is Alphabet (GOOGL) which is trading higher today. Stock indexes are under pressure and appear headed toward a retest of their September lows. The Dow Industrials are trading below their September low in morning trading and testing their 200-day moving average (see Chart 5).
Chart 1
Chart 2
Chart 3
Chart 4
Chart 5
Editor's Note: This is an article that was originally published in John Murphy's Market Message on Friday, October 30th at 10:53am ET.
